Goldcorp Inc. (GG) Stake Maintained by Midas Management Corp
Midas Management Corp continued to hold its position in shares of Goldcorp Inc. (NYSE:GG) during the second quarter, Holdings Channel reports. The firm owned 55,000 shares of the company’s stock at the end of the second quarter. Midas Management Corp’s holdings in Goldcorp were worth $1,052,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Smith Affiliated Capital Corp. raised its stake in shares of Goldcorp by 95.7% in the second quarter. Smith Affiliated Capital Corp. now owns 6,900 shares of the company’s stock worth $132,000 after buying an additional 3,374 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Goldcorp during the second quarter worth about $192,000. Stock Yards Bank & Trust Co. purchased a new stake in shares of Goldcorp during the second quarter worth about $224,000. Simmons Bank purchased a new stake in shares of Goldcorp during the first quarter worth about $233,000. Finally, BARING ASSET MANAGEMENT Ltd raised its stake in shares of Goldcorp by 15.4% in the second quarter. BARING ASSET MANAGEMENT Ltd now owns 13,418 shares of the company’s stock worth $257,000 after buying an additional 1,787 shares during the last quarter. Institutional investors and hedge funds own 60.40% of the company’s stock.
Goldcorp Inc. (NYSE:GG) traded down 2.32% during trading on Friday, hitting $14.31. The company had a trading volume of 5,787,720 shares. Goldcorp Inc. has a 52-week low of $9.46 and a 52-week high of $20.38. The firm’s 50 day moving average is $15.67 and its 200-day moving average is $17.42. The stock’s market capitalization is $12.21 billion.
Goldcorp (NYSE:GG) last released its quarterly earnings data on Wednesday, July 27th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.12. The firm had revenue of $921 million for the quarter, compared to analysts’ expectations of $882.55 million. Goldcorp had a negative return on equity of 0.71% and a negative net margin of 115.33%. Goldcorp’s revenue for the quarter was down 30.1% on a year-over-year basis. During the same period last year, the firm posted $0.08 earnings per share. On average, equities analysts forecast that Goldcorp Inc. will post $0.37 earnings per share for the current year.
A number of brokerages recently issued reports on GG. HSBC reiterated a “buy” rating on shares of Goldcorp in a report on Thursday, July 7th. Citigroup Inc. began coverage on Goldcorp in a report on Tuesday, August 2nd. They issued a “neutral” rating and a $20.00 price target for the company. Jefferies Group boosted their price target on Goldcorp from $17.00 to $20.00 and gave the company a “hold” rating in a report on Thursday, July 14th. Deutsche Bank AG upgraded Goldcorp from a “sell” rating to a “hold” rating and boosted their price target for the company from $15.00 to $16.00 in a report on Monday, October 3rd. Finally, Zacks Investment Research lowered Goldcorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $19.59.
Goldcorp Inc is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Company is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s segments include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito SA de C.V.
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